The Villans saw their relegation finally confirmed by losing at Manchester United.
The managerless Villans, under caretaker Eric Black, saw their top-flight relegation confirmed on Saturday by losing 1-0 at Manchester United.
It more or less just rubber stamped what everybody already knew in relation to Villa's fate, with the West Midlands side struggling virtually all season long and winning just three times - once under Tim Sherwood and twice under Remi Garde, who was sacked earlier this month.
Grayson, who enjoyed a spell at Villa Park as a player, has been linked with the vacant role, and the 46-year-old, who is something of a promotion specialist, has advised his former club to sign players with Championship experience in order to escape that division next term.
"It's very difficult but, if they get the right core of players who have an understanding of what the division is all about, they've got a good chance because they're a big club," Grayson, who has previously guided Leeds and Preston into the Championship, told Omnisport, via Soccerway.
"But that doesn't give you any divine right to do well in this division."
According to BBC Sport, Grayson is a leading contender for the position, along with David Moyes, Nigel Pearson, Steve Bruce and Sean Dyche.